The Reserve Bank of India (RBI) on Wednesday issued a release saying it will completely withdraw from circulation all banknotes issued prior to 2005 after March 31, 2014. It also said that from April 1, the public will have to approach banks for exchanging these notes and banks will provide exchange facilities for these notes until further communication. The RBI also clarified that the notes issued before 2005 will continue to be legal tender. This would mean that banks are required to exchange the notes for their customers as well as for non-customers.
IPO case: SAT restrains Sebi from recovering R2cr
The Securities Appellate Tribunal (SAT) has restrained the Securities and Exchange Board of India (Sebi) from taking any ?coercive steps? to enforce a demand for R2.13 crore for four weeks in a fraud case.
In December, Sebi had issued a demand notice to Dushyant Dalal and his wife Puloma to pay R2.13 crore as interest on the unlawful gains made by them through IPOs of several firms, including IDFC and Suzlon Energy, between 2003 and 2005. Earlier this month, Sebi had confirmed the demand of R2,13,30,000 crore from Dalals after a communication from the couple stated that they were not obligated to pay the same. The couple informed to SAT that they plan to file an appeal on the matter within a week.
MF exposure to bank stocks at six-month high
Fund managers? exposure to banking stocks rose to a six-month high of over R34,000 crore in December on account of the rise in the equity market and various steps taken by the RBI to prop the banking sector. According to the latest data available with Sebi, MF investments in banking stocks in December 2013 touched R34,153 crore, accounting for 17.66% of their AUM of R1.93 lakh crore.
